TORONTO, June 27 /CNW/ - Gencap Funds LP is pleased to announce that the
O'Leary Global Equity Income Fund (the "Fund") has successfully completed its
initial public offering of 3,335,000 units at a price of $12.00 per unit for
aggregate gross proceeds of $40,020,000. Each unit consists of one
transferrable trust unit ("Trust Unit") and one half of a Trust Unit purchase
The initial monthly cash distribution of five cents per Trust Unit is
payable on September 15, 2008 to unitholders of record on August 29, 2008.
Additionally, each Warrant entitles the holder to purchase one Trust Unit at a
subscription price of $12.00 on or before 5:00 p.m. (Toronto time) on
December 31, 2010.
The Fund has been created to invest primarily in global income-generating
equity securities. The Fund will permit investors to capitalize on the
knowledge and capabilities of Stanton Asset Management Inc. and O'Leary Funds,
Inc. who will work together to identify global investments providing income
and value, plus capital appreciation potential. The Portfolio Manager believes
that a value investing approach provides investors with the opportunity for
attractive total returns while diversifying risk, a theme espoused by Mr.
Kevin O'Leary on regular television appearances. The Portfolio Manager
believes that the current market environment has created opportunities to
invest in high quality securities that have both attractive levels of income
and capital appreciation potential.
The Fund's investment objectives are:
(a) to provide holders of Units with monthly distributions initially
targeted to be $0.05 per Trust Unit ($0.60 per annum representing an
annual cash distribution of 5% based on the $12.00 per Unit issue
(b) to provide long-term capital appreciation.
The net proceeds of the offering will be invested in an actively managed
Portfolio which will be diversified globally by region, by country and by
industry sector. The Fund's portfolio will consist primarily of
publicly-traded common shares and preferred shares of issuers with a market
capitalization of $1 billion or more. The investment team of the Portfolio
Manager, which includes Connor O'Brien, André Marsan and Guthrie Stewart, will
focus on value securities that offer a relatively high level of current
income, as well as attractive potential for capital appreciation.
The syndicate of agents was co-led by CIBC World Markets Inc. and Scotia
Capital Inc., and included National Bank Financial Inc., Canaccord Capital
Corporation, Desjardins Securities Inc., Dundee Securities Corporation, HSBC
Securities (Canada) Inc., Raymond James Ltd., Wellington West Capital Inc.,
Berkshire Securities Inc., Blackmont Capital Inc. and GMP Securities L.P.
Certain statements included in this news release constitute
forward-looking statements, including, but not limited to, those identified by
the expressions "expect", "intend", "will" and similar expressions to the
extent they relate to the Fund. The forward-looking statements are not
historical facts but reflect Gencap Funds LP's current expectations regarding
future results or events. These forward-looking statements are subject to a
number of risks and uncertainties that could cause actual results or events to
differ materially from current expectations. Although Gencap Funds LP believes
that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future
performance and, accordingly, readers are cautioned not to place undue
reliance on such statements due to the inherent uncertainty therein. Gencap
Funds LP undertakes no obligation to update publicly or otherwise revise any
forward-looking statement or information whether as a result of new
information, future events or other such factors which affect this
information, except as required by law.
For further information:
For further information: Brett Berman, Executive Director, Gencap Funds
LP at firstname.lastname@example.org or at (416) 464-9422